Monday’s Finish In Green Was One Wild Ride!
2022.05.03 11:11
In a gross, repulsive way, that was kind of a day, wasn’t it? Absolutely . Regrettably, I think it’s going to be par for the course this week.
We are at a massive inflection point, and there is a pitched battle going on. The bulls aren’t simply going to lay down their weapons and walk away. This is going to be blood sport.
NQ Chart
I mean, sure, I feel a bit cheated, because we had some absolutely crucial support failures (AAPL, SPY, IWM, etc.) but everything closed GREEN!
I think Monday’s most important ticker symbol was ‘WTF.’ As for my own portfolio………
- I took good profits on IWM puts before the mega-rally
- I still have three ETF positions in my personal account (QQQ, IYR, XOP)
- I still have 34 bearish positions but lightened up a little
- Presently at 8% cash as opposed to 0% cash
- My options expire anywhere from 46 days from now (just a few) all the way to 263 days from now, so, umm, I’m not exactly wringing my hands over the time element.
Volatility was getting super-frisky, but the last 70 minutes of the trading day LAID WASTE to it!
VIX Chart
Gold remains a money-losing piece of garbage.
Gold Chart
Interestingly, the Russell 2000 futures rallied to PRECISELY their failure point. Beautiful!
Russell 2000 Futures Chart
Take heart, my long-suffering bearish brethren. Our time is at hand. Do not despair at the day. This, too, shall pass.
